Table 6 Summary statistics of...

Table 6

Summary statistics of pre-treatment characteristics of treated and control FinTech firms

	Treated (1)	Control (2)	t-Test (1–2)
Equity agreements
ROE (%)	−49.322	−22.584	−1.304
ROA (%)	−16.541	−10.701	−0.869
Revenues (*1000 euro)	407	119	1.287
Efficiency	−0.449	−0.334	−0.582
Leverage	0.472	0.394	1.103
Intangibles	0.372	0.338	0.478
Age	1.348	0.779	1.397
Size (*1000 euro)	1,347	442	1.817
Fisher exact test
Customer	0.948
Product	0.419
Contractual agreements
ROE (%)	−53.281	−46.777	−0.304
ROA (%)	−24.306	−17.019	−0.872
Revenues (*1000 euro)	197	739	−1.125
Efficiency	−0.825	−5.616	0.901
Leverage	0.499	0.518	−0.219
Intangibles	0.267	0.277	−0.228
Age	1.556	1.604	−0.107
Size (*1000 euro)	1,509	1,283	0.257
Fisher exact test
Customer	0.525
Product	0.423

	Treated (1)	Control (2)	t-Test (1–2)
Equity agreements
ROE (%)	−49.322	−22.584	−1.304
ROA (%)	−16.541	−10.701	−0.869
Revenues (*1000 euro)	407	119	1.287
Efficiency	−0.449	−0.334	−0.582
Leverage	0.472	0.394	1.103
Intangibles	0.372	0.338	0.478
Age	1.348	0.779	1.397
Size (*1000 euro)	1,347	442	1.817
Fisher exact test
Customer	0.948
Product	0.419
Contractual agreements
ROE (%)	−53.281	−46.777	−0.304
ROA (%)	−24.306	−17.019	−0.872
Revenues (*1000 euro)	197	739	−1.125
Efficiency	−0.825	−5.616	0.901
Leverage	0.499	0.518	−0.219
Intangibles	0.267	0.277	−0.228
Age	1.556	1.604	−0.107
Size (*1000 euro)	1,509	1,283	0.257
Fisher exact test
Customer	0.525
Product	0.423

Note(s): This Table displays the average values of FinTechs' characteristics in the years before the formation of strategic alliances with banks. For continuous variables we tested differences between treated and control units through a two-sample t-Test, while for categorical variables, i.e. Customer and Product, we carried out a Fisher Exact Test. All differences are not statistically significant at the 5% level

Source(s): Table was created by the authors

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